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GEAR.AX vs. BBOZ.AX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

GEAR.AX vs. BBOZ.AX

Last updated Jul 18, 2026
Documentation

GEAR.AX (Betashares Geared Australian Equities Complex ETF) and BBOZ.AX (BetaShares Australian Equities Strong Bear Complex ETF) are both exchange-traded funds - GEAR.AX is a Global Equities fund actively managed by BetaShares, while BBOZ.AX is a Inverse Equities fund tracking the S&P/ASX 200 Accumulation Index. GEAR.AX is actively managed, while BBOZ.AX is passively managed. Over the past 10 years, GEAR.AX returned 10.16%/yr vs -20.81%/yr for BBOZ.AX. At a correlation of -0.98, they often move in opposite directions.

Performance

GEAR.AX vs. BBOZ.AX - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in Betashares Geared Australian Equities Complex ETF (GEAR.AX) and BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, GEAR.AX achieves a 0.21% return, which is significantly higher than BBOZ.AX's -3.84% return. Over the past 10 years, GEAR.AX has outperformed BBOZ.AX with an annualized return of 10.16%, while BBOZ.AX has yielded a comparatively lower -20.81% annualized return.

GEAR.AX

1D
-1.07%
1M
-4.38%
6M
-2.86%
YTD
0.21%
1Y
2.61%
3Y*
13.45%
5Y*
8.02%
10Y*
10.16%

BBOZ.AX

1D
1.17%
1M
5.33%
6M
0.89%
YTD
-3.84%
1Y
-5.77%
3Y*
-14.11%
5Y*
-13.81%
10Y*
-20.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

GEAR.AX vs. BBOZ.AX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.21%15.80%13.80%15.84%-9.50%36.03%-11.97%52.03%-19.57%16.12%
BBOZ.AX
BetaShares Australian Equities Strong Bear Complex ETF		-3.84%-16.29%-11.97%-19.36%-9.57%-33.33%-35.36%-40.20%8.71%-20.34%

Correlation

The correlation between GEAR.AX and BBOZ.AX is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.99

Correlation (3Y)
Calculated over the trailing 3-year period

-0.99

Correlation (5Y)
Calculated over the trailing 5-year period

-0.99

Correlation (10Y)
Calculated over the trailing 10-year period

-0.98

Correlation (All Time)
Calculated using the full available price history since Apr 20, 2015

-0.98

The correlation between GEAR.AX and BBOZ.AX has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

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Betashares Geared Australian Equities Complex ETF

BetaShares Australian Equities Strong Bear Complex ETF

Often compared with GEAR.AX:
GEAR.AX vs. ARMR.AXGEAR.AX vs. DHHF.AXGEAR.AX vs. EX20.AXGEAR.AX vs. F100.AXGEAR.AX vs. FOOD.AXGEAR.AX vs. FUEL.AXGEAR.AX vs. GGUS.AX
Often compared with BBOZ.AX:
BBOZ.AX vs. A200.AXBBOZ.AX vs. ARMR.AXBBOZ.AX vs. DHHF.AXBBOZ.AX vs. EX20.AXBBOZ.AX vs. FOOD.AXBBOZ.AX vs. FUEL.AXBBOZ.AX vs. GGUS.AX

Return for Risk

GEAR.AX vs. BBOZ.AX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
GEAR.AX
GEAR.AX Risk / Return Rank: 1212
Overall Rank
GEAR.AX Sharpe Ratio Rank: 1212
Sharpe Ratio Rank
GEAR.AX Sortino Ratio Rank: 1212
Sortino Ratio Rank
GEAR.AX Omega Ratio Rank: 1212
Omega Ratio Rank
GEAR.AX Calmar Ratio Rank: 1212
Calmar Ratio Rank
GEAR.AX Martin Ratio Rank: 1212
Martin Ratio Rank
BBOZ.AX
BBOZ.AX Risk / Return Rank: 88
Overall Rank
BBOZ.AX Sharpe Ratio Rank: 88
Sharpe Ratio Rank
BBOZ.AX Sortino Ratio Rank: 88
Sortino Ratio Rank
BBOZ.AX Omega Ratio Rank: 88
Omega Ratio Rank
BBOZ.AX Calmar Ratio Rank: 77
Calmar Ratio Rank
BBOZ.AX Martin Ratio Rank: 77
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GEAR.AX vs. BBOZ.AX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Betashares Geared Australian Equities Complex ETF (GEAR.AX) and BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

GEAR.AXBBOZ.AXDifference
Sharpe ratioReturn per unit of total volatility
0.10
-0.20

+0.30

Sortino ratioReturn per unit of downside risk
0.33
-0.10

+0.43

Omega ratioGain probability vs. loss probability

1.04

0.99

+0.05

Calmar ratioReturn relative to maximum drawdown

0.14

-0.32

+0.46

Martin ratioReturn relative to average drawdown

0.30

-0.65

+0.96

GEAR.AX vs. BBOZ.AX - Sharpe Ratio Comparison

The current GEAR.AX Sharpe Ratio is 0.10, which is higher than the BBOZ.AX Sharpe Ratio of -0.20. The chart below compares the historical Sharpe Ratios of GEAR.AX and BBOZ.AX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

GEAR.AX vs. BBOZ.AX - Drawdown Comparison

The maximum GEAR.AX drawdown since its inception was -66.50%, smaller than the maximum BBOZ.AX drawdown of -93.82%. Use the drawdown chart below to compare losses from any high point for GEAR.AX and BBOZ.AX.

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Drawdown Indicators

GEAR.AXBBOZ.AXDifference

Max Drawdown

Largest peak-to-trough decline

-66.50%

-93.82%

+27.32%

Max Drawdown (1Y)

Largest decline over 1 year

-17.82%

-17.56%

-0.26%

Max Drawdown (3Y)

Largest decline over 3 years

-30.91%

-50.45%

+19.54%

Max Drawdown (5Y)

Largest decline over 5 years

-32.27%

-61.95%

+29.68%

Max Drawdown (10Y)

Largest decline over 10 years

-66.50%

-91.76%

+25.26%

Current Drawdown

Current decline from peak

-9.38%

-93.27%

+83.89%

Average Drawdown

Average peak-to-trough decline

-12.21%

-67.88%

+55.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.42%

8.69%

-0.27%

Volatility

GEAR.AX vs. BBOZ.AX - Volatility Comparison

Betashares Geared Australian Equities Complex ETF (GEAR.AX) and BetaShares Australian Equities Strong Bear Complex ETF (BBOZ.AX) have volatilities of 5.05% and 5.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

GEAR.AXBBOZ.AXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.05%

5.12%

-0.07%

Volatility (6M)

Calculated over the trailing 6-month period

21.25%

22.92%

-1.67%

Volatility (1Y)

Calculated over the trailing 1-year period

25.86%

27.56%

-1.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

29.71%

30.12%

-0.41%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.91%

33.41%

-0.50%

Dividends

GEAR.AX vs. BBOZ.AX - Dividend Comparison

GEAR.AX's dividend yield for the trailing twelve months is around 0.58%, while BBOZ.AX has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BBOZ.AX
BetaShares Australian Equities Strong Bear Complex ETF		0.00%0.00%0.00%0.00%0.34%0.00%0.00%0.00%0.00%0.00%0.00%0.95%
GEAR.AX
Betashares Geared Australian Equities Complex ETF		0.58%1.39%0.26%0.92%8.66%3.72%5.62%6.55%2.90%1.64%1.57%1.74%

Frequently Asked Questions

GEAR.AX and BBOZ.AX have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

GEAR.AX is categorized as Global Equities, while BBOZ.AX is Inverse Equities.

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